14 Mar IS THE HOUSING MARKET FAILING?
January was the first field test, following on from an expensive Christmas, for the market to react. Surprisingly, house sale instructions took an upward turn and this was matched by house sales agreed, resulting in a positive month and a general feeling of optimism.
February continued with an even busier period, with increasing numbers of properties coming onto the market, matched by regular sales.
Even selling prices held up well, with many sales at the full asking figures and overall to date, an average of 97.97% of asking prices has been achieved.
The reason for this are two fold: (A) Properties are coming onto the market at the correct values and (B) Buyers are motivated, are less in overall numbers, but those who are looking are serious purchasers. Fortunately for all concerned, those who were previously motivated by the fear of missing opportunities in a rising market, or those undecided whether to move or not, have dropped out. This is good for the market as a whole. The Lending institutions are best able to advise on how average prices compare with 2021/2022, but the market has now stabilised and it is a good time to make that move.